No new pandemic has emerged in 2026, consistent with the 94.5% market-implied odds against a WHO declaration by year-end. Global surveillance through systems like GISRS and wastewater monitoring shows sustained circulation of known respiratory viruses, including SARS-CoV-2 Omicron sublineages now considered endemic, alongside localized zoonotic events such as the Bundibugyo Ebola PHEIC in Central Africa and sporadic avian influenza detections. These lack the combination of sustained human-to-human transmission, immune evasion, and rapid intercontinental spread required for pandemic status under WHO criteria. Historical patterns of infrequent novel pathogen emergence further support trader consensus, though an unforeseen Disease X spillover or escalation of current outbreaks could still alter trajectories before December 31.